Alan Greenspan says financial crisis is 'like a tsunami'
Former Federal Reserve chairman Alan Greenspan has called the recent turmoil in the global financial markets a "once in a century credit tsunami".
Speaking before Congress, Mr Greenspan, who stood down as Fed chairman in 2006, said the crisis had left him "in a state of shocked disbelief".
He added that recovery in the US housing market was "many months" away.
However critics said Mr Greenspan could have boosted regulation of the markets to help prevent the crisis.
